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DENVER-Crescent Real Estate Equities Co. has renewed key tenants at four of its seven office building’s in the Denver-area. The Texas-based REIT’s local office portfolio totals about 2.2 million sf. Lease rates are up in some buildings and down in others since the start of the year.

Verizon Business Services renewed for 99,955 sf at 707 17th Street, a 550,805-sf, class A office tower in downtown Denver. The building’s physical occupancy is 93.6%, which compares to an economic occupancy of 91.9% at the end of the third quarter. The building’s weighted average full service lease rate at that time was $20.64, down slightly from $20.69 at the start of the year, according to SEC filings.

At Regency Plaza, a 309,862-sf class A office property located in the Denver Technology Center submarket, Old Mutual Capital Inc. doubled its previous leasehold and now leases 42,773 sf. The building’s physical occupancy is 93.8%, which compares to an economic occupancy of 90.3% at the end of the third quarter. The building’s weighted average full service lease rate was $19.16 per sf per year at the end of the third quarter, down from $20.11 at the start of the year.

At 44 Cook, a 124,174-sf, class A office property located in the Cherry Creek submarket, Startek USA renewed and expanded its lease to 23,086 sf. The building’s physical occupancy is currently 85.7%, which compares to an economic occupancy of 73.8% at the end of the third quarter. The building’s weighted average full service lease rate at that time was $19.23 per sf per year, up from $19.01 at the start of the year.

New York Life Insurance Company renewed its lease for 15,744 sf at the Citadel, a 130,652-sf, class A office property also in Cherry Creek. The building’s physical occupancy is 91.3%, which compares to a physical occupancy of 88.7% at the end of the third quarter. The building’s weighted average full service lease rate at that time was $24.91 per sf per year, up sharply from $20.78 at the start of the year.

Crescent managing director John Zogg says the company’s only sizeable contiguous block of space in the Denver market is the 23,875-sf top floor of Johns Mansville Plaza, which abuts 707 17th in the Downtown core. The building’s weighted average full service lease rate is $19.83 per sf per year, down slightly from $19.87 at the start of the year.

Crescent’s only Colorado asset outside the Denver market is the 260,046-sf Briargate Office and Research Center in Colorado Springs. The property has seen 55,862-sf of new and renewal leases in the recent past. The building’s physical occupancy is 87.3%, which compares to an economic occupancy of 74.3% at the end of the third quarter. The building’s weighted average full service lease rate was $17.64 per sf per year at the end of the third quarter, up from $17.51 at the start of the year.

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